Lodestar Metals Closes First Tranche of $1,030,000

The most recent news (February 11, 2026) announces that Lodestar Metals has closed the first tranche of a non-brokered private placement, raising $1,030,000. The company issued 5,150,000 units at a price of $0.20 per unit. Each unit consists of one common share and one purchase warrant exercisable at $0.30 for 18 months. These funds are explicitly earmarked for exploration and drilling on the Gold Run Property in Nevada and for general working capital. This follows the January 21, 2026, announcement of a $1.5 million offering, indicating the company has successfully filled approximately 68% of its stated target in the first tranche.

• Cash Position: This is a critical liquidity event. As of the September 30, 2025, interim financials, the company had a dwindling cash balance of $258,395 and was burning cash through operating and investing activities. The $1.03M raise provides the necessary "oxygen" to execute the 2026 exploration plan.
• Operational Readiness: The funding directly enables the "Maiden Drill Program" at the Gold Run Project, which management previously scheduled for March-April 2026. Without this capital, the drill program would have been delayed, likely resulting in a loss of market momentum.
• Shareholder Dilution: While positive for survival, the issuance of 5.15 million shares represents significant dilution (approximately 18-20% of the previous share capital). Furthermore, the $0.30 warrants create a potential overhang if the stock price approaches that level.
• Alignment with Strategy: The news confirms that management is following through on the strategic pivot away from the Peny lithium project toward the Gold Run asset, a transition that began in mid-2025.

Lodestar Metals Corp. (formerly Lodestar Battery Metals) is an exploration stage company. Its flagship is the Gold Run Property in Humboldt County, Nevada. The project is strategically located at the intersection of the Getchell and Battle Mountain-Eureka gold trends. - Flagship Project: Gold Run consists of 75 claims (516 hectares). Historical drilling (unverified by the company) suggests high-grade potential, including 27.41 g/t Au over 30 feet in hole GPA0272. - Secondary Asset: The Peny Property in Manitoba (Lithium/VMS) appears to be on care and maintenance as the company focuses capital on Nevada.